Anyone in higher education (or really, any level of education) these past few years has certainly had an unusual experience.
From online learning to virtual graduations, the COVID-19 pandemic has darkened several aspects of the collegiate experience. But finally, some good news for graduates in Chicago – the job market is waiting for you with open arms! As stated in the Chicago Tribune,
…the clouds appear to be parting this spring, revealing what some labor experts say is the brightest job market for college graduates in recent history.
With unprecedented closures, the Great Resignation, and now the reopening of several industries, graduates are facing a job market unlike any other. Luckily, it’s not all bad.
Increases in hiring
According to the U.S. Bureau of Labor Statistics, total nonfarm employment for the Chicago-Naperville-Elgin metropolitan area increased by 221,800 over the year in February, with the local rate of job gain at 5.1%. This compares favorably to the national rise, which was at 4.9%.
Perhaps more telling, the NACE’s Job Outlook 2022 Spring Update shows that college hiring, in particular, is surging. Employers surveyed plan to hire 31.6% more new college graduates from this year’s class than they did from the Class of 2021. That’s nearly one-third more! The largest increase is projected to be in the oil and gas extraction industry, which is doubling its number of college hires this year.
Increases in wages
In terms of wages, the November Conference Board Salary Increase Budget Survey predicts a 3.9% increase in wage costs for firms in 2022, the highest rate since 2008. This reflects a pleasant jump in compensation for next year’s hires!
In fact, the same survey shows faster wage increases for new hires. Wage growth drastically accelerated between March and November 2021, and data suggests that this was mostly among new hires – especially workers under the age of 25 and employees who switched jobs in the past year.
Where to find your next job
Growjo used a database of the top 100,000 companies in the world and ran an algorithm to filter out the fastest growing companies in Chicago; based on growth in the last year as well as future predictions. The top ten companies they list are:
- Heyday
- Zero Hash
- M1 Finance
- Copado
- Village Medical
- Fyllo
- Clearcover
- Nature’s Fynd
- Hologram
- Cameo
Based on their rankings, fintech is overall the fastest growing industry in Chicagoland.
In March 2022, World Business Chicago announced fintech as a high-growth tech sector and a priority industry of focus. According to the report, Chicago’s Finance and Insurance industry consisted of over 13,800 companies, generated $53B in output, and employed over 240,000 people in 2021.
This comes as no surprise; in the Global Fintech Hub Report 2021, Chicago was ranked ninth in the world.
Of course, in a city like Chicago, this is just one of many industries to take into consideration when looking for your next job. So let’s get out there and start applying!